[Adopted 3-10-2003 by L.L. No. 1-2003]
The owner of any property assessed as a multifamily dwelling shall be eligible for a de-conversion tax rebate as set forth hereunder, for a period not to exceed 10 years, upon the following conditions:
The property shall be converted to a single-family dwelling after inspection and certification by the Building Inspector and Village Assessor.
The deconversion and corresponding zoning change shall benefit successors and/or assigns. Owner herein agrees to execute any further assurances, including but not limited to deed restrictions, in order to effectuate said change; and
If the property should be transferred or sold at any time within the ten-year period, any remaining years of deconversion tax rebate shall transfer to the new owner.
[Amended 4-9-2012 by L.L. No. 2-2012]
The tax rebate shall be calculated as follows:
An amount equal to the lesser of the property owner's actual Village tax bill or $750 for a period of 10 years following completion of the deconversion of the subject property to a single-family dwelling; or
Payment of a lump sum of $7,500 to the property owner upon completion of the deconversion of the subject property to a single-family dwelling.
The foregoing tax rebate shall be effective upon issuance of a certificate of occupancy verifying that the property has been converted to a single-family residence and shall be subject to revocation upon noncompliance or termination of any of the criteria established herein.